April 15, 2024

Image for article titled Robinhood stock is riding the crypto wave

Illustration: Dado Ruvic (Reuters)

Robinhood surged over 5% after the trading platform reported an increase in trading volume across all asset classes since January, indicating the return of retail investors to the market.

The company reported an increase in its assets under custody to $118.7 billion, which is 16% higher than the figure reported in January. Equity trading volume rose by 36% to $80.9 billion, options contracts increased by 12% to $119.1 million, and crypto volumes grew by 10% to $6.5 billion in a month.

Crypto is the rising tide that floats all boats

Robinhood was one of the first mainstream companies to enable cryptocurrency trading on its platform (a retail brokerage app) and launched crypto wallets for traders. In an interview with Yahoo Finance CEO Vladimir Tenev said that when the crypto market goes up, Robinhood reaps the benefits.

Robinhood is a new hotcake

According to analysts at financial research firm Bernstein, a “monster of a crypto cycle” is on the horizon, and now may be a good time to invest in Robinhood shares. Analysts at Bernstein have initiated an outperform rating and set a $30 price target for Robinhood shares. They believe that the company is capitalizing on the resurgence of crypto.

The stock has gained more than 40% so far this year. At the time of writing, Robinhood stock is up 5.19% at $ 18.05 per share.

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